Bubble Meter is a national housing bubble blog dedicated to tracking the continuing decline of the housing bubble throughout the USA. It is a long and slow decline. Housing prices were simply unsustainable. National housing bubble coverage. Please join in the discussion.

Sunday, January 11, 2009

Zillow: White House worth $308 million

Zillow estimated that the White House — if it was put on the market as a residence — would be valued at about $308 million. ...

The Zestimate took into account 1600 Pennsylvania Avenue’s physical attributes, recent comparable sales and local market trends. The 55,000-square-foot White House has 132 rooms, 35 bathrooms, 16 bedrooms, 3 kitchens, and 18 acres of land in downtown Washington, the Web site said.

“Zillow’s statisticians deemed the White House the most historic home in America and applied a maximum historical premium to their models to determine a Zestimate value today of $308,058,000,” the Web site said.

4 comments:

As federal role in reviving the economy grows, Washington region's lawyers, lobbyists benefit

http://biz.yahoo.com/ap/090111/boomtown_usa.html

WASHINGTON (AP) -- When the nation's in pain, Washington often gains.

Whether it's a buildup of Civil War troops, Depression-era bureaucrats or defense contractors after Sept. 11, the region has prospered in times of crisis. Today, the financial meltdown is delivering a jolt of its own.

WASHINGTON (CNN) -- When George W. Bush became president eight years ago, about 90,000 people applied for jobs in his administration. That's about a quarter, however, of the people who are looking for a way into President-elect Barack Obama's administration.

The count: Over 350,000 resumes have been submitted online, according to the Obama transition team. The problem is there are only an estimated three to four thousand jobs available.

Some federal employment specialists say the record number of applicants can be attributed in part to the current state of the economy.

"A lot of people want to work in a stable environment" says Kathryn Troutman, founder of The Resume Place. "They really don't know where else to go to look for a job that's stable and steady and would have potential -- so I think the economy is one thing."

I read this on their blog too. Apparently the White House has depreciated $11 million in the last week. It's awfully early but maybe the president should consider a cash-out refinance. He could then rent out the White House and use the cash to scoop up some short sales.